HB 1176 -- Property Tax Homestead Exemption

Sponsor:  Gross

This bill authorizes a homestead exemption for purposes of real
property taxation for taxpayers who have reached the age of 65
years or older.  The homestead exemption amount will be any
future increases in assessed valuation on the homestead from the
year the taxpayer reaches the age of 65 or the effective date of
the bill, whichever is later.

The qualified taxpayer must file an application with the county

clerk by June 1 of the year preceding the year for the
exemption.  Once the exemption is granted, the taxpayer need
file no further application to qualify.

The state will be required to reimburse the losses of any
political subdivision as the result of homestead exemption
through a voucher system administered by the State Tax
Commission and the Office of Administration, subject to
appropriation.

This bill will become effective January 1, 2001.